Fund Description: iShares U.S. Infrastructure ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the iShares Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The iShares U.S. Infrastructure ETF seeks to provide investment returns that closely correspond to the price and yield performance of the NYSE FactSet U.S. Infrastructure Index. INDEX DESCRIPTION: The NYSE FactSet U.S. Infrastructure Index is designed to measure the performance of equity securities of U.S. companies involved in U.S. focused infrastructure activities (as determined by ICE Data Indices, LLC), the Index Provider. The Index is composed of equity securities primarily listed on the New York Stock Exchange, NYSE American or NASDAQ (excluding master limited partnerships (MLPs), royalty trusts, business development companies (BDCs), and American depository receipts (ADRs)) that are classified to be under one of the 95 infrastructure-related industries as defined by FactSet Revere Business Industry Classification System (RBICS). Each company in the Index is classified as either Category 1 or Category 2, where Category 1 companies are infrastructure enablers and Category 2 are infrastructure asset owners and operators. Infrastructure enablers are potential beneficiaries of infrastructure investment in the U.S. Category 1 companies in the Index include companies in construction and engineering services, machineries and materials. Infrastructure asset owners and operators are companies associated with traditional equity infrastructure investing. Category 2 companies in the Index include companies in energy transportation and storage, railroad transportation, and utilities. At the time of inclusion, eligible companies must derive 50% or more of their annual revenues from the U.S. The Index applies equal weighting to Category 1 and Category 2, and within each category, equal weighting is also applied to all individual securities. The Index will be reviewed and reconstituted annually. The Index may include large-, mid- or small-capitalization companies. FUND STRATEGY: A passive or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. Representative sampling is an indexing strategy that is used which involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the index. The Fund may or may not hold all of the securities in the Index. The Fund generally will invest at least 90% of its assets in the component securities of the Index and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds. The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received). FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serve as the investment advisor to the Fund.